Electric Power Steering Market Size, Share, Growth Analysis, By Product type,(fruit strips, fruit gummies, fruit bars, dried fruits), By Flavor Variation(Strawberry, apple, mango, mixed fruit blends), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores, Independent Small Stores, Online Sales Channel), By Region - Industry Forecast 2024-2031

The presence of key automotive giants and a robust automotive manufacturing industry in the Asia Pacific region makes it the leading market for all electric power steering companies. The imposition of strict vehicle emission control mandates, rising sales of electric vehicles, growing disposable income of people, and evolving consumer preferences are all expected to drive up the demand for electric power steering in this region. China is slated to be the largest market for electric power steering companies in the Asia Pacific region owing to high sales of electric vehicles. India, South Korea, and Japan are other opportune markets for market players looking to make a mark in this region.  

Meanwhile, North America is forecasted to account for the second-largest share of the global electric power steering market. Rising sales of electric vehicles and imposition of strict vehicle efficiency mandates are slated to promote the adoption of electric power steering in this region going forward. Canada and the United States are projected to emerge as the most opportune markets for electric power steering companies operating in North America through 2031 and beyond.  Adoption of electric power steering systems by companies such as Tesla, Rivian, and Lucid is also expected to boost market growth potential in this region going forward.